Key Highlights
- ETH price is trading in a bullish zone above the $630 support zone against the US Dollar.
- There are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair is eyeing more gains in the short term above the $675 resistance level.
Ethereum price surged higher against the US Dollar and Bitcoin. ETH/USD is now well above $640 and it looks set to extend gains above the $675 and $680 levels.
Ethereum Price Trend
There was a solid upside move from the $585 swing low in ETH price against the US Dollar. The price broke the $600 level and settled above the same. It also cleared the $640 and $650 resistance levels, and traded as high as $674.73. At the moment, the price is positioned nicely above the $630 pivot level and is eyeing more gains above the recent high.
On the downside, an initial support is near the 23.6% Fib retracement level of the last wave from the $617.66 low to $674.73 high. More importantly, there are two important bullish trend lines forming with support at $640 and $635 on the hourly chart of ETH/USD. The first trend line is close to the 50% Fib retracement level of the last wave from the $617.66 low to $674.73 high. Thus, if the price corrects lower, it will most likely find buyers near the $640 and $635 levels. Additionally, the $630 pivot level is also a strong support.
Looking at the chart, it seems like the price may continue to grind higher above $675. The next resistance above $675 is near the $690 level. A push above the stated $690 level could clear the path for more gains above $700 in the near term.
Hourly MACD – The MACD is placed nicely with positive signs in the bullish zone.
Hourly RSI – The RSI is currently near the overbought levels.
Major Support Level – $640
Major Resistance Level – $690